ING Financial Markets has combined its cash and derivatives credit teams and relocated some of it to Brussels. The credit derivatives team will be split into three streams: investment grade, emerging market and high-yield and teamed up with its cash equivalent. The move is part of the integration of ING and BBL.
The investment-grade credit team will relocate to Brussels, but the emerging market and high-yield team will remain head quartered in London. Leo Janssen, head of trading in London, will head the emerging market and high-yield desks. Rene van der Kroon, head of trading in Amsterdam, will run the investment-grade operation.
The bank is looking for new positions for Cameron Munro, head of credit derivatives, according to Jon Tracey, a spokesman in London. Munro declined comment. Three of the six-person team will continue credit derivatives with the remainder likely to be let go.
The credit derivatives traders were Shaun Cracknell, Chris Theobald, Katie Johnson, Elena Fediaeva and Cid Oliveira. Tracey declined to comment on which traders would stay on the credit desks.
